Much to our surprise we have been notified by our lender that my Old Ford the law firm I have appointed is not on the mortgage company Conveyancing panel. What can I do to be sure if this is correct?
Your first step should be to contact your Old Ford lawyer directly. You lawyer should advise you of the situation. Where they are not on the panel they may recommend you to a Old Ford conveyancing practice that is on the conveyancing panel for your bank.
Can you help - my lawyer says that restrictive coveneant insurance is necessary on my purchase. What is the level of cover for Old Ford conveyancing?
The right level of restrictive coveneant indemnity insurance depends on your lender. It would differ for example between Santander and Skipton Building Society. Conveyancing practitioners as opposed to borrowers take out such policies.
Are all Old Ford Conveyancing Quality Solicitors on the Skipton conveyancing panel?
It is true that some banks and building societies now make use of the accreditation scheme as the kick off point for Panel approval such as HSBC and Santander. The Law Society’s CQS membership however gives no guarantee to lender panel acceptance. That being said,the Council of Mortgage Lenders have indicated that it is likely to become a pre-requisite for solicitors wishing to remain on their panels.
I had an offer accepted on a property in Old Ford on 10/12/2024, valuation was booked 4 days after, all came back fine. Solicitor retained, so the only thing outstanding was my mortgage offer. Having made daily calls to Barclays and chasing them on my offer, I have now been told that my offer will not be issued unless the lawyer is on the Barclays conveyancing panel. Can the lender hold off the offer?
Mortgage companies tend not to not issue an offer until they have details of a lawyer on their panel. It can take a few weeks for Barclays to deal with your lawyer's application to be on the Barclays conveyancing panel. There's no guarantee that your solicitor will be accepted.
three months have elapsed since my purchase conveyancing in Old Ford concluded. I have checked the Land Registry site which shows that I paid £150,000 when infact I paid £160,000. Why the discrepancy?
The price paid figure is taken from the application to register the purchase. It is the figure included in the Transfer (the legal deed which transfers the premises from one person to the other) and referred to as the 'consideration' or purchase price. You can report an error in the price paid figure using the LR online form. In most cases errors result from typos so at first glance the figure. Do report it so they can double check and advise.
I am attracted to a couple of apartments in Old Ford which have in the region of forty five years left on the leases. Will this present a problem?
There are no two ways about it. A leasehold apartment in Old Ford is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it adversely affects the value of the premises. The majority of buyers and mortgage companies, leases with less than eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a property with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Old Ford conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. A more straightforward and quicker method of extending would be to contact your landlord directly and sound him out on the prospect of extending the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
I inherited a two-bedroom flat in Old Ford. In the absence of agreement between myself and the landlord, can the Leasehold valuation Tribunal determine the sum payable for the purchase of the freehold?
Where there is a absentee freeholder or if there is disagreement about the premium for a lease extension, under the relevant statutes it is possible to make an application to the Leasehold Valuation Tribunal to decide the premium.
An example of a Freehold Enfranchisement case for a Old Ford flat is 26 Rhondda Grove in June 2009. The net price payable by the leaseholders as determined by the Tribunal was £3,015.13. This comprised £11,300 premium for the reversion less £8,284.87 costs as ordered by the County Court.
Two months into buying a house in Old Ford. Conveyancing lawyer has called to say the property is "Leasehold". Should this adversely affect our Santander valuation?
Old Ford conveyancing does not usually involve leasehold houses. The key factor here is the length of lease and the ground rent. If there are over a hundred years remaining with a peppercorn rent, it's almost the same as freehold, so it’s unlikely to impact the saleability too much.
On the flip side, if it's, say, 50 years it is bound to have a adverse effect on the saleability, and probably wouldn't be mortgageable. The remaining lease term and ground rent will be stated in the lease provided to your conveyancing practitioner.